Does an area’s changing poverty level create a new Opportunity Zone?
The designated OZ will remain as such until the time stated unless new legislation adds or eliminates the designation. Keep monitoring the piece of legislation introduced in April. The same calls for an evaluation of the designated zones and in case the OZ classification is withdrawn, the opportunity to designate a new tract as OZ.
No.
No, changes in national median income do not affect opportunity zones, because the census tracts designated as opportunity zones were set once and are immutable.
Opportunity Zones are established by local authorities, so it's hard to say what might change or new zones created.
There is pending legislation to expand the Opportunity Zone designations and make other changes based on the 2020 census. You should keep your eye on that legislation to see whether the national median income number and other recent data would impact the fate of the zones. That legislation has a decent chance at passing.
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